Certain prior period amounts have been reclassified to conform to the ~~2023~~2024 financial statement presentation. Reclassifications had no effect on net loss, stockholders’ equity, or cash flows as previously reported.

Investments in equity securities are generally measured at fair value. Unrealized gains and losses for equity securities resulting from changes in fair value are recognized in current earnings. If an equity security does not have a readily determinable fair value, we may elect to measure the security at its cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same issuer. At the end of each reporting period, we reassess whether an equity investment security without a readily determinable fair value qualifies to be measured at cost less impairment, consider whether impairment indicators exist to evaluate if an equity investment security is impaired and, if so, record an impairment loss. At the end of each reporting period, unrealized gains and losses resulting from changes in fair value are recognized in current earnings. Upon sale of an equity security, the realized gain or loss is recognized in current earnings.

~~Accounting standards that have been issued or proposed by~~In August 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-05, Business Combinations-Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement, which clarifies the business combination accounting for joint venture formations. The amendments in the ASU seek to reduce diversity in practice that has resulted from a lack of authoritative guidance regarding the accounting for the formation of joint ventures in separate financial statements. The amendments also seek to clarify the initial measurement of joint venture net assets, including businesses contributed to a joint venture. The guidance is applicable to all entities involved in the formation of a joint venture. The amendments are effective for all joint venture formations with a formation date on or after January 1, 2025. Early adoption and retrospective application of the amendments are permitted. We do not ~~require~~expect adoption ~~until a future date are not expected~~of the new guidance to have a material impact on ~~the~~our consolidated financial statements ~~upon adoption.~~and disclosures.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, amending reportable segment disclosure requirements to include disclosure of incremental segment information on an annual and interim basis. Among the disclosure enhancements are new disclosures regarding significant segment expenses that are regularly provided to the chief operating decision-maker and included within each reported measure of segment profit or loss, as well as other segment items bridging segment revenue to each reported measure of segment profit or loss. The ~~Company~~amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, and are applied retrospectively. Early adoption is permitted. We are currently evaluating the impact of this update on our consolidated financial statements and disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, amending income tax disclosure requirements for the effective tax rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024 and are applied prospectively. Early adoption and retrospective application of the amendments are permitted. We are currently evaluating the impact of this update on our consolidated financial statements and disclosures.

Management does not ~~discuss recent pronouncements~~believe that ~~are~~any other recently issued, but not ~~anticipated to~~yet effective, accounting standards if currently adopted would have ~~an impact~~a material effect on ~~or are unrelated to its~~the accompanying financial ~~condition, results of operations, cash flows or disclosures.~~statements.

The Company is currently producing profitably from underground mining at the Golden Chest Mine. In the past, the Company has been successful in raising required capital from sale of common stock, forward gold contracts, and debt. As a result of its ~~planned~~profitable production, equity sales and potential debt borrowings or restructurings, management believes cash flows from operations and existing cash are sufficient to conduct planned operations and meet contractual obligations for the next 12 months.

~~At September 30, 2023 and December 31, 2022, the Company’s inventories consisted of the following:~~

At March 31, 2024 and December 31, 2023, the Company’s inventories consisted of the following:

Our products consist of both gold flotation concentrates which we sell to a single broker (H&H Metals), and an unrefined gold-silver product known as doré which we sell to a precious metal refinery. At ~~September 30, 2023,~~March 31, 2024, metals that had been sold but not finally settled included ~~6,512~~5,737 ounces of which ~~4,182~~4,421 ounces were sold at a predetermined price with the remaining ~~2,330~~1,316 exposed to future price changes. The Company has received provisional payments on the sale of these ounces with the remaining amount due reflected in gold sales receivable. Sales of products by metal type for the ~~three and nine-month~~three-month periods ended ~~September 30,~~March 31, 2024 and 2023 ~~and 2022~~ were as follows:

	September 30, 2023						September 30, 2022						March 31,
	Three Months			Nine Months			Three Months			Nine Months			2024			2023
Gold	$	3,458,174		$	10,347,001		$	1,890,626		$	6,620,745		$	6,121,129		$	3,484,034
Silver		14,283			37,630			3,034			9,992			24,245			9,522
Less: Smelter and refining charges		(171,236	)		(505,299	)		(148,382	)		(482,550	)		(246,436	)		(151,960	)
Total	$	3,301,221		$	9,879,332		$	1,745,278		$	6,148,187		$	5,898,938		$	3,341,596

Sales by significant product type for the ~~three and nine-month~~three-month periods ended ~~June 30,~~March 31, 2024, and 2023 ~~and 2022~~ were as follows:

	September 30, 2023				September 30, 2022				March 31,
	Three Months		Nine Months		Three Months		Nine Months		2024		2023
Concentrate sales to H&H Metals	$	3,301,221	$	9,741,227	$	1,745,278	$	5,844,571
Concentrate sales to H&H Metal									$	5,898,938	$	3,203,491
Dore sales to refinery		-		138,105		-		303,616		-		138,105
Total	$	3,301,221	$	9,879,332	$	1,745,278	$	6,148,187	$	5,898,938	$	3,341,596

At ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022,~~2023, our gold sales receivable balance related to contracts with customers of ~~$1,127,604~~$1,238,474 and ~~$909,997,~~$1,038,867, respectively, consist only of amounts due from H&H Metals. There is no allowance for doubtful accounts.

At March 31, 2024 and December 31, ~~2022,~~2023, there were no notes payable to related parties. On May 10, 2023, the Company ~~had a note payable~~paid the remaining amount due to Ophir Holdings, a company owned by two officers and one former officer of the ~~Company, with~~Company. Prior to this payment, there was a ~~balance of $75,183 of which $12,226 was due within one year and the remaining $62,957 due thereafter.~~

~~The Company paid the remaining amount due to Ophir Holdings on May 10, 2023. This payment resulted in a negative net interest charge for the nine-months ended September 30, 2023. Related~~related party interest expense ~~for~~of $715 during the ~~three and nine-months~~three-month period ended ~~September 30,~~March 31, 2023 ~~and 2022 is as follows.~~associated with this note.

The Company leases office space from certain related parties on a month-to-month basis. ~~$1,500~~$2,000 per month is paid to NP Depot LLC, a company owned by the Company’s president, John Swallow and approximately $1,700 is paid quarterly to Mine Systems Design Inc which is partially owned by the Company’s vice president, Grant Brackebusch. Payments under these short-term lease arrangements are included in general and administrative expenses on the Consolidated Statement of Operations and for the ~~three~~three-months ended March 31, 2024 and ~~nine-months ended September 30,~~ 2023 ~~and 2022~~ are as follows:

The Company owns 65% of the ~~New Jersey Mill Joint Venture (JV)~~NJMJV and has significant influence in its operations. Thus, the ~~venture~~JV is included in the consolidated financial statements along with presentation of the non-controlling interest. At ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022,~~2023, an account receivable existed with Crescent Silver, LLC ~~the other joint venture participant~~ (“Crescent”), the other JV participant, for ~~$1,637~~$1,598 and ~~$1,926,~~$2,080, respectively, for shared operating costs as defined in the JV agreement.

On January 29, 2016, the Company purchased a 50% interest in Butte Highlands JV, LLC (“BHJV”) for a total consideration of $435,000. Highland Mining, LLC (“Highland”) is the other 50% owner and manager of the ~~joint venture.~~JV. Under the agreement, Highland will fund all future project exploration and mine development costs. The agreement stipulates that Highland is manager of BHJV and will manage BHJV until such time as all mine development costs, less $2 million are distributed to Highland out of the proceeds from future mine production. The Company has determined that because it does not currently have significant influence over the ~~joint venture’s~~JV’s activities, it accounts for its investment on a cost basis.

Net income ~~(loss)~~ per share is computed by dividing the net amount excluding net income (loss) attributable to a non-controlling interest by the weighted average number of common shares outstanding during the period. Diluted net income ~~(loss)~~ per share reflects the potential dilution that could occur from common shares issuable through stock options, warrants, and other convertible securities. Such common stock equivalents are included or excluded from the calculation of diluted net income ~~(loss)~~ per share for each period as follows:

	September 30, 2023				September 30, 2022				March 31, 2024		March 31, 2023
	Three Months		Nine Months		Three Months		Nine Months		Three-Months		Three-Months
Incremental shares included in diluted net income (loss) per share
Incremental shares included in diluted net income per share
Stock options		6,795		4,883		-		-		109,243		4,710
Stock purchase warrants		-		-		-		-		50,555		-
		6,795		4,883		-		-		159,798		4,710
Potentially dilutive shares excluded from diluted net income (loss) per share as inclusion would have an antidilutive effect:
Potentially dilutive shares excluded from diluted net income per share as inclusion would have an antidilutive effect:
Stock options		321,449		321,449		542,525		542,525		-		358,953
Stock purchase warrants		289,294		289,294		289,294		289,294		-		289,294
		610,743		610,743		831,819		831,819		-		825,247

Property, plant and equipment at ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022~~2023 consisted of the following:

	September 30, 2023			December 31, 2022			March 31, 2024			December 31, 2023
Mill
Land	$	225,289		$	225,289		$	225,289		$	225,289
Building		536,193			536,193			536,193			536,193
Equipment		4,192,940			4,192,940			4,192,940			4,192,940
		4,954,422			4,954,422			4,954,422			4,954,422
Less accumulated depreciation		(1,381,865	)		(1,249,445	)		(1,481,546	)		(1,430,323	)
Total mill		3,572,557			3,704,977			3,472,876			3,524,099

Building and equipment
Buildings		611,382			611,382			624,657			624,657
Equipment		8,535,801			6,927,474			9,667,536			8,786,492
		9,147,183			7,538,856			10,292,193			9,411,149
Less accumulated depreciation		(3,169,450	)		(2,324,679	)		(3,852,811	)		(3,455,023	)
Total building and equipment		5,977,733			5,214,177			6,439,382			5,956,126

Land
Bear Creek		266,934			266,934			266,934			266,934
BOW		230,449			230,449			230,449			230,449
Eastern Star		250,817			250,817
Gillig		79,137			79,137			79,137			79,137
Highwater		40,133			40,133			40,133			40,133
Salmon property		136,762			136,762			136,762			136,762
Total land		1,004,232			1,004,232			753,415			753,415

Total	$	10,554,522		$	9,923,386		$	10,665,673		$	10,233,640

Mineral properties at ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022~~2023 consisted of the following:

	September 30, 2023			December 31, 2022			March 31, 2024			December 31, 2023
Golden Chest
Mineral Property	$	4,141,904		$	4,088,462		$	4,210,566		$	4,191,189
Infrastructure		2,314,548			1,722,028			3,007,937			2,814,164
Total Golden Chest		6,456,452			5,810,490			7,218,503			7,005,353
New Jersey		248,289			248,289			256,768			256,768
McKinley-Monarch		200,000			200,000			200,000			200,000
Butte Gulch		124,055			124,055			1,125,259			124,055
Potosi		150,385			150,385			150,385			150,385
Park Copper		78,000			78,000
Park Copper/Gold								78,000			78,000
Eastern Star								250,817			250,817
Less accumulated amortization		(103,089	)		(83,658	)		(191,662	)		(166,500	)
Total	$	7,154,092		$	6,527,561		$	9,088,070		$	7,898,878

In February 2024 the Company purchased the surface rights and subsequently cancelled the NSR from the previous agreement with the seller for a 169-acre parcel known as Butte Gulch adjacent to the Golden Chest. The Company had already owned the mineral rights to this property. The sale price was $1,001,000 of which $351,000 was paid in cash and the remaining $650,000 is payable to the seller (monthly interest only payments of $2,750 at 5% interest, for three years with a balloon payment of $650,000 at the end of the term). For the three-month periods ended March 31, 2024 and 2023, interest expense was capitalized in association with the ramp access project at the Golden Chest as follows.

The investment in Buckskin is being accounted for using the equity method and resulted in recognition of equity income on the investment of $1,867 and $350 for the respective three-month periods ended March 31, 2024 and 2023. The Company makes an annual payment of $12,000 to Buckskin per a mineral lease covering 218 acres of patented mining claims. As of March 31, 2024, the Company holds 37% of Buckskin’s outstanding shares.

~~For the three and nine-month periods ended September 30, 2023 and 2022, interest expense was capitalized in association with the ramp access project at the Golden Chest as follows.~~

The investment in Buckskin is being accounted for using the equity method and resulted in recognition of equity income on the investment of $1,608 and $2,965 for the respective three and nine-month periods ended September 30, 2023, and $542 and $1,213 in 2022 for the respective three and nine-month periods ended September 30, 2022. The Company makes an annual payment of $12,000 to Buckskin per a mineral lease covering 218 acres of patented mining claims. As of September 30, 2023, the Company holds 37% of Buckskin’s outstanding shares.

At ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022,~~2023, notes payable are as follows:

	September 30, 2023		December 31, 2022		March 31, 2024		December 31, 2023
Building in Salmon, Idaho, 60-month note payable, 7.00% interest payable monthly through June 2027, monthly payments of $2,500 with a balloon payment of $260,886 in July 2027	$	299,502	$	306,084	$	294,918	$	297,230
Butte Gulch vacant mineral property, 5.00% interest payable monthly through January 2027, monthly interest only payments of $2,750 with a balloon payment of $650,000 in February 2027						650,000		-
Resemin Muki Bolter, 36-month note payable, 7.00% interest payable monthly through January 2025, monthly payments of $14,821		227,279		345,268		145,118		186,557
Paus 2 yrd. LHD, 48-month note payable, 4.78% interest rate payable through September 2024, monthly payments of $5,181		65,492		108,904
Paus 2 yrd. LHD, 60-month note payable, 3.45% interest rate payable through July 2024, monthly payments of $4,847		47,711		89,493
Paus 2 yd LHD, 60-month note payable, 4.78% interest rate payable through September 2024, monthly payments of $5,181						35,675		50,672
Paus 2 yd LHD, 60-month note payable, 3.45% interest rate payable through July 2024, monthly payments of $4,847						19,249		33,541
CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through February 2024, monthly payments of $303						-		604
CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through June 2024, monthly payments of $627		5,537		10,891		1,867		3,713
CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through February 2024, monthly payments of $303		1,501		4,130
Two CarryAll transports, 36-month note payable, 6.3% interest rate payable monthly through May 2025, monthly payments of $1,515		28,710		40,687		20,408		24,591
CarryAll transport, 36-month note payable, 6.3% interest rate payable monthly through June 2025, monthly payments of $866		17,183		23,987		12,466		14,843
Two CarryAll transports, 48-month note payable, 5.9% interest rate payable monthly through June 2027, monthly payments of $1,174		47,284		-		41,566		44,447
Atlas Copco loader, 60-month note payable, 10.5% interest rate payable monthly through June 2023, monthly payments of $3,550		-		20,660
CarryAll transport, 48-month note payable, 5.9% interest rate payable monthly through April 2028, monthly payments of $576						24,554		-
Sandvik LH203 LHD, 36-month note payable, 4.5% interest payable monthly through May 2024, monthly payments of $10,352		105,994		170,182		20,588		51,182
Sandvik LH202 LHD, 36-month note payable, 6.9% interest payable monthly through August 2025, monthly payments of $4,933		81,435		143,812		79,676		92,948
Doosan Compressor, 36-month note payable, 6.99% interest payable monthly through July 2024, monthly payments of $602		5,844		10,820		2,378		4,126
Komatsu WX04 LHD, 24-month note payable, 8.24% interest rate payable monthly through April 2026, monthly payments of $16,642						367,068		-
Caterpillar 306 excavator, 48-month note payable, 4.6% interest payable monthly through November 2024, monthly payments of $1,512		20,565		33,216		11,886		16,251
Caterpillar 938 loader, 60-month note payable, 6.8% interest rate payable monthly through August 2023, monthly payments of $3,751		-		29,256
Caterpillar R1600 LHD, 48-month note payable, 4.5% interest rate payable through January 2025, monthly payments of $17,125		265,446		407,909		167,765		216,880
Caterpillar AD22 underground truck, 48-month note payable, 6.45% interest rate payable through June 2023, monthly payments of $12,979		-		76,287
Caterpillar R1600 LHD bucket, 24-month note payable, 2.06% interest rate payable monthly through April 2026, monthly payments of $4,572						107,415		-
Caterpillar AD30 underground truck, 40-month note payable, 8.01% interest rate payable through October 2026, monthly payments of $29,656		969,440		-		827,982		899,417
Small Business Administration EIDL 30 year note payable, 3.75% interest payable monthly through December 2054, monthly payments of $731		160,899		163,287
Caterpillar 259D3 skid steer, 36-month note payable, 8.50% interest rate payable monthly through December 2026, monthly payments of $1,836						53,854		58,156
SBA Economic Injury Disaster (“EIDL”) Loan 30 year note payable, 3.75% interest payable monthly through December 2054, monthly payments of $731						158,835		160,123
2022 Dodge Ram, 75-month note payable, 5.99% interest rate payable monthly through June 2028, monthly payments of $1,152		57,033		64,648		51,763		54,418
2016 Dodge Ram, 75-month note payable, 5.99% interest rate payable monthly through June 2028, monthly payments of $1,190		58,895		66,758		53,453		56,194
2020 Ford Transit Van, 72-month note payable, 9.24% interest rate payable monthly through December 2028, monthly payments of $1,060		52,734		58,182		48,739		50,759
2024 Dodge Ram, 60-month note payable, 9.94% interest rate payable monthly through February 2029, monthly payments of $1,293						60,166		-
Total notes payable		2,518,484		2,174,461		3,257,389		2,316,652
Due within one year		1,007,101		859,393		1,090,329		978,246
Due after one year	$	1,511,383	$	1,315,068	$	2,167,060	$	1,338,406

All notes except the SBA EIDL loan are collateralized by the property or equipment purchased in connection with each note. Future principal payments of notes payable at ~~September 30, 2023~~March 31, 2024 are as follows:

12 months ended September 30,
2024	$	1,007,101
12 months ended March 31,
2025		577,853	$	1,090,329
2026		399,778		695,133
2027		349,131		966,287
2028		35,624		328,681
2029		6,490		33,583
2030				3,454
Thereafter		142,507		139,922
Total	$	2,518,484	$	3,257,389

The Company closed a private placement in February 2023. Under the private placement, the Company sold 123,365 shares of common stock at $5.50 per share and 35,088 shares of common stock at $5.70 per share for net proceeds of $878,503. ~~No shares were issued in the second or third quarter of 2023.~~

The Company closed a private placement in February 2022. Under the private placement, the Company sold 360,134 shares of common stock at $7.50 per share for net proceeds of $2,701,000. In the nine-months ended September 30, 2022, the Company sold 138,665 shares of common stock for net proceeds of $980,107. In the nine-months ended September 30, 2022 the Company issued 3,572 shares of common stock at $9.05 per share for services provided for a total value of $32,326. Also, in the nine-months ended September 30, 2022, the Company issued 392,866 shares of the Company’s common stock in exchange for $1,950,000 of debt at $4.96 per share.

~~In the nine-months ended September 30, 2022, 194,869 shares of common stock were issued in exchange for outstanding warrants for net proceeds of $1,030,158.~~

~~These outstanding warrants were amended and extended on October 12, 2023, see note 14.~~

There were no stock options granted during the ~~nine-months~~three-months ended ~~September 30,~~March 31, 2024 and 2023. In September 2022, the board granted 165,000 stock options to officers, board members, and employees. These options vested immediately and are exercisable at $5.25 for 3 years. Total stock-based compensation recognized on these options was $505,476 and was recognized in management, professional services, and general administrative expenses in the statement of operations. In September 2022, the board granted an additional 15,000 total stock options, 7,500 each to our independent board members. These options vested immediately and are exercisable at $4.75 for 3 years. Total stock-based compensation recognized on these options was $41,799 and was recognized in management expenses in the statement of operations.

	Number of Options			Weighted Average Exercise Prices		Number of Options			Weighted Average Exercise Prices
Balance December 31, 2021		507,175		$	5.25
Granted		180,000		$	5.21
Exercised		(116,078	)	$	4.31
Expired		(7,143	)	$	1.96
Forfeited		(28,001	)	$	5.56
Balance December 31, 2022		535,953		$	5.47		535,953		$	5.47
Forfeited		(58,504	)	$	5.47		(58,504	)	$	5.47
Outstanding and exercisable at September 30, 2023		477,449		$	5.47
Balance December 31, 2023							477,449		$	5.47
Exercised							(22,073	)	$	5.50
Forfeited							(10,144	)	$	5.50
Outstanding and exercisable at March 31, 2024							445,232		$	5.47

In the first quarter of 2024 16,716 options were exchanged for 5,887 shares in a cashless exercise by employees. Options exercised in the first quarter of 2024 had an intrinsic value of $65,229. At ~~September 30, 2023,~~March 31, 2024, outstanding stock options have a weighted average remaining term of approximately ~~1.07~~0.85 years and have an intrinsic value of ~~$4,350. There were no stock options exercised during the first nine months of 2023~~$1,332,314.

On October 12, 2023, IDR amended and restated warrants issued in private placements completed in October and November of 2021. The amended and restated warrants extended the exercise period of the warrants for an additional one year.

~~The October 2021 private placement issued warrants gave the holders the right~~Subsequent to ~~purchase a total of 235,722~~March 31, 2024, 29,763 shares of common stock ~~at an~~have been issued in exchange for outstanding warrants for net proceeds of $166,673. Additionally, subsequent to March 31, 2024 69,861 options were exchanged for 27,562 shares in a cashless exercise price of $5.60 per share. The expiration date of the warrants was extended from October 15, 2023 to October 15, 2024. The November 2021 private placement issued warrants gave the holders the right to purchase a total of 53,572 shares of common stock at an exercise price of $7.00 per share. The expiration date of the warrants was extended from November 12, 2023 to November 12, 2024. There were no other changes in the terms of the warrants.by employees.

Certain statements contained in this Form 10-Q, including in Management’s Discussion and Analysis of Financial Condition and Results of Operations and Quantitative and Qualitative Disclosures About Market Risk, are intended to be covered by the safe harbor provided for under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Our forward-looking statements include our current expectations and projections about future results, performance, results of litigation, prospects and opportunities, including reserves and other mineralization. We have tried to identify these forward-looking statements by using words such as “may,” “will,” “expect,” “anticipate,” “believe,” “intend,” “feel,” “plan,” “estimate,” “project,” “forecast” and similar expressions. These forward-looking statements are based on information currently available to us and are expressed in good faith and believed to have a reasonable basis. However, our forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.

These risks, uncertainties and other factors include, but are not limited to, those set forth under Part I, Item 1A.–Risk Factors in our 2023 Form 10-K and in Part II, Item 1.A.-Risk Factors in this Form 10-Q. Given these risks and uncertainties, readers are cautioned not to place undue reliance on our forward-looking statements. All subsequent written and oral forward-looking statements attributable to Idaho Strategic or to persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. Except as required by federal securities laws, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

ITEM 2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Idaho Strategic ~~Resources, Inc~~ is a gold producer and critical minerals/rare earth ~~elements~~element (“REE”) exploration company focused on a diversified asset base and cash flows from operations. Its portfolio of mineral properties are located in the historic producing silver and gold districts of the Coeur d’Alene Mining region of north Idaho and the Elk City region of north-central Idaho, as well as the historic ~~Rare Earth Elements-Thorium~~REE-Thorium Belt located near the city of Salmon in central Idaho.

The Company’s plan of operation is to generate positive cash flow, increase its gold production and asset base over time while being mindful of corporate overhead. The Company’s management is focused on utilizing its in-house technical and operating skills to build a portfolio of producing mines and milling operations with a focus on gold production and exploration for ~~rare earth elements (“REEs”).~~REEs.

The Company’s gold properties include: the Golden Chest Mine (currently in production), and the New Jersey Mill (majority ownership interest), as well as the Eastern Star exploration property and other less advanced properties. The Company’s primary focus as it relates to its gold properties is to continue to grow production at the Golden Chest Mine and look to reinvest the cash flow into both the Golden Chest, ~~Mine,~~ the New Jersey Mill, and furthering its exploration efforts near the Golden Chest, - as well as at its ~~rare earth elements~~REE properties.

In addition to its gold properties, Idaho Strategic has three ~~rare earth elements~~REE exploration properties in Idaho known as Lemhi Pass, Diamond Creek, and Mineral Hill. ~~The~~Following observation of industry dynamics and in early response to events impacting long-term domestic critical mineral supply and demand trends, the Company’s strategic expansion into ~~rare earth elements came about~~REE’s also aids in ~~an effort to diversify~~diversifying its ~~holdings towards~~holdings. The Company believes the anticipated demand for these elements in the electrification of motorized vehicles, defense spending, and a renewed focus on the United States’ domestic critical minerals supply chain ~~security.~~security may benefit domestic holders of such assets. The Company also believes it has a first-mover advantage with its addition of recognized REE land holdings in Idaho. To date, Idaho Strategic has conducted numerous exploration programs on its ~~rare earth elements landholdings~~REE properties which include drilling, trenching, sampling, and mapping of certain areas within the Company’s ~~18,030-acre~~19,090-acre landholdings.

Idaho Strategic has been able to ~~leverage~~demonstrate and utilize its track record of operations and experience in mining, milling, and exploring at the Golden Chest ~~Mine~~ to develop relationships with different state government agencies, universities, national labs, and other government and non-government entities to advance its ~~rare earth elements~~REE exploration activities on multiple fronts. Idaho Strategic plans to continue to look for additional partnerships to find mutually beneficial solutions to advance the U.S.' domestic ~~rare earth elements~~REE supply chain.

We have, besides our estimates of the amount of depreciation on our assets, two critical accounting estimates. The ounces of gold contained in our process and concentrate inventory is based on assays taken at the time the ore is processed and the ounces of gold contained in shipped concentrate which is based upon assays taken prior to shipment however subject to final assays at the refinery, these shipments are also subject to the fluctuation in gold prices between our shipment date and estimated and actual final settlement date. Also, the reclamation bond obligation on our balance sheet is based on an estimate of the future cost to recover and remediate our properties as required by our permits upon cessation of our operations and may differ when we cease operations.

Our concentrate sales sometimes involve variable consideration, as they can be subject to changes in metals prices between the time of shipment and their final settlement. However, we ~~are able to~~can reasonably estimate the transaction price for the concentrate sales at the time of shipment using forward prices for the estimated month of settlement, and previously recorded sales and accounts receivable are adjusted to estimated settlement metals prices until final settlement for financial reporting purposes. The embedded derivative contained in our concentrate sales is adjusted to fair value through earnings each period prior to final settlement. It is unlikely a significant reversal of revenue for the concentrate receivable ~~as a whole~~ will occur upon final settlement of the lots. As such, we use the expected value method to price the concentrate until the final settlement date occurs, at which time the final transaction price is known. At ~~September 30, 2023,~~March 31, 2024, metals that had been sold but not finally settled included ~~6,512~~5,737 ounces of which ~~4,182~~4,421 ounces were sold at a predetermined price with the remaining ~~2,330~~1,316 exposed to future price changes. The Company has received provisional payments on the sale of these ounces with the remaining amount due reflected in gold sales receivable.

The asset retirement obligation and asset on our balance sheet is based on an estimate of the future cost to recover and remediate our properties as required by our permits upon cessation of our operations and may differ when we cease operations. At ~~September 30, 2023~~March 31, 2024 we reviewed our December 31, ~~2022~~2023 estimate that the cost of the machine and man hours probable to be needed to put our properties in the condition required by our permits once we cease operations. The ~~September 30, 2023~~March 31, 2024 estimated costs would be ~~$103,320~~$104,000 for the Golden Chest property and ~~$203,600~~$224,000 for the New Jersey Mine and Mill. For purposes of the estimate, we evaluated the expected life in years and costs that, initially, are comparable to rates that we would incur at the present. An expected present value technique is used to estimate the fair value of the liability. This includes inflating the estimated costs in today’s dollars using a reasonable inflation rate up to the date of expected retirement and discounting the inflated costs using a credit-adjusted risk-free rate. Upon initial recognition of the liability, the carrying amount of the related long-lived asset is increased by the same amount. The liability is accreted over time through periodic charges to earnings. In addition, the asset retirement cost is amortized over the life of the related asset. We are adding to the liability each year, and amortizing the asset over the estimated life, which decreases our net income in total each year. Changes resulting from revisions to the timing or amount of the original estimate of undiscounted cash flows are recognized as either an increase or a decrease in the carrying amount of the liability for an asset retirement obligation and the related asset retirement cost capitalized as part of the carrying amount of the related long-lived asset. Upward revisions of the amount of undiscounted estimated cash flows are discounted using the current credit-adjusted risk-free rate. Downward revisions in the amount of undiscounted estimated cash flows are discounted using the credit-adjusted risk-free rate that existed when the original liability was recognized. The Company reviews, on an annual basis, unless otherwise deemed necessary, the asset retirement obligations. Separately, the Company accrues costs associated with environmental remediation obligations when it is probable that such costs will be incurred and ~~they are~~able to be reasonably ~~estimable.~~estimated.

	September 30, 2023						September 30, 2022						March 31,
	Three Months			Nine Months			Three Months			Nine Months			2024			2023
Cost of sales and other direct production costs and depreciation and amortization	$	2,195,289		$	7,114,218		$	1,974,038		$	6,063,348
Depreciation and amortization		(363,442	)		(1,034,521	)		(245,824	)		(717,939	)
Change in concentrate inventory		(46,201	)		(83,180	)		38,380			(394,200	)
Cost of sales and other direct production costs and depreciation, depletion, and amortization													$	3,060,701		$	2,475,997
Depreciation, depletion, and amortization														(501,788	)		(328,037	)
Change in inventory														79,845			72,669
Cash Cost	$	1,785,646		$	5,996,517		$	1,766,594		$	4,951,209		$	2,638,758		$	2,220,629
Exploration		435,439			916,250			747,217			1,530,122			267,848			273,442
Less rare earth exploration costs		(150,693	)		(485,051	)		(120,407	)		(363,030	)
Less REE exploration costs														(87,145	)		(211,598	)
Sustaining capital		149,299			484,155			851,311			1,113,602			445,656			120,749
General and administrative		117,178			504,241			603,273			1,078,563			160,663			263,298
Less stock-based compensation and other non-cash items		(3,953	)		(13,108	)		(617,745	)		(648,371	)		(7,570	)		(9,669	)
All in sustaining costs	$	2,332,916		$	7,403,004		$	3,230,243		$	7,662,095
AISC													$	3,418,210		$	2,656,851
Divided by ounces produced		1,993			5,870			1,360			4,094			3,116			1,725
Cash cost per ounce	$	895.96		$	1,021.55		$	1,298.97		$	1,209.38		$	846.92		$	1,287.32
All in sustaining cost (AISC) per ounce	$	1,170.55		$	1,261.16		$	2,375.18		$	1,871.54
AISC per ounce													$	1,097.09		$	1,540.20

(Mark One)
☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	For the quarterly period ended ~~September 30, 2023~~March 31, 2024
	OR
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

	For the transition period from _____________ to ____________

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, $0.00 par value	IDR	NYSE American

Large Accelerated Filer	☐	Accelerated Filer	☐
Non-Accelerated Filer	☒	Small Reporting Company	☒
		Emerging Growth Company	☐

PART I -FINANCIAL INFORMATION		3

ITEM 1.	Financial Statements	3

ITEM 2.	Management’s Discussion and Analysis of ~~financial~~Financial Condition and Results of Operations	13

ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	16

ITEM 4.	Controls and Procedures	16

PART II OTHER INFORMATION		17

ITEM 1.	Legal Proceedings	17

ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	17

ITEM 3.	Defaults ~~upon~~Upon Senior Securities	17

ITEM 4.	Mine Safety Disclosures	17

ITEM 5.	Other Information	17

ITEM 6.	Exhibits	18

Idaho Strategic Resources, Inc. Condensed Consolidated Balance Sheets (Unaudited)
	September 30, 2023			December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	1,971,845		$	1,638,031
Gold sales receivable		1,127,604			909,997
Inventories		701,493			618,313
Joint venture receivable		1,637			1,926
Investment in equity securities		6,677			-
Other current assets		333,459			192,025
Total current assets		4,142,715			3,360,292

Property, plant and equipment, net of accumulated depreciation		10,554,522			9,923,386
Mineral properties, net of accumulated amortization		7,154,092			6,527,561
Investment in Buckskin Gold and Silver		337,217			334,252
Investment in joint venture		435,000			435,000
Reclamation bond		251,310			327,020
Deposits		25,000			76,110
Total assets	$	22,899,856		$	20,983,621

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	498,374		$	579,541
Accrued payroll and related payroll expenses		253,696			179,149
Note payable related parties, current portion		-			12,226
Notes payable, current portion		1,007,101			859,393
Total current liabilities		1,759,171			1,630,309

Asset retirement obligation		274,091			262,217
Note payable related parties, long term		-			62,957
Notes payable, long term		1,511,383			1,315,068
Total long-term liabilities		1,785,474			1,640,242

Total liabilities		3,544,645			3,270,551

Commitments (Note 11)

Stockholders’ equity:
Preferred stock, no par value, 1,000,000 shares authorized; no shares issued or outstanding		-			-
Common stock, no par value, 200,000,000 shares authorized; September 30, 2023-12,256,523 and December 31, 2022- 12,098,070 shares issued and outstanding		34,124,125			33,245,622
Accumulated deficit		(17,559,313	)		(18,368,384	)
Total Idaho Strategic Resources, Inc stockholders’ equity		16,564,812			14,877,238
Non-controlling interest		2,790,399			2,835,832
Total stockholders' equity		19,355,211			17,713,070

Total liabilities and stockholders’ equity	$	22,899,856		$	20,983,621

	March 31, 2024			December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	5,295,457		$	2,286,999
Gold sales receivable		1,238,474			1,038,867
Inventories		796,836			876,681
Joint venture receivable		1,598			2,080
Investment in equity securities		-			5,649
Other current assets		209,824			236,837
Total current assets		7,542,189			4,447,113

Property, plant and equipment, net of accumulated depreciation		10,665,673			10,233,640
Mineral properties, net of accumulated amortization		9,088,070			7,898,878
Investment in Buckskin Gold and Silver, Inc		340,636			338,769
Investment in joint venture		435,000			435,000
Reclamation bond		251,310			251,310
Deposits		377,420			285,079
Total assets	$	28,700,298		$	23,889,789

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	485,363		$	484,221
Accrued payroll and related payroll expenses		272,476			266,670
Notes payable, current portion		1,090,329			978,246
Total current liabilities		1,848,168			1,729,137

Asset retirement obligations		291,223			286,648
Notes payable, long term		2,167,060			1,338,406
Total long-term liabilities		2,458,283			1,625,054

Total liabilities		4,306,451			3,354,191

Commitments		-			-

Stockholders’ equity:
Preferred stock, no par value, 1,000,000 shares authorized; no shares issued or outstanding		-			-
Common stock, no par value, 200,000,000 shares authorized; March 31, 2024-12,683,037 and December 31, 2023- 12,397,615 shares issued and outstanding		36,664,576			34,963,739
Accumulated deficit		(15,039,529	)		(17,210,638	)
Total Idaho Strategic Resources, Inc stockholders’ equity		21,625,047			17,753,101
Non-controlling interest		2,768,800			2,782,497
Total stockholders' equity		24,393,847			20,535,598

Total liabilities and stockholders’ equity	$	28,700,298		$	23,889,789

	March 31,
	2024			2023

Revenue:
Sales of products	$	5,898,938		$	3,341,596
Total revenue		5,898,938			3,341,596

Costs of Sales:
Cost of sales and other direct production costs		2,558,913			2,147,960
Depreciation and amortization		501,788			328,037
Total costs of sales		3,060,701			2,475,997
Gross profit		2,838,237			865,599

Other operating expenses:
Exploration		267,848			273,442
Management		109,100			68,911
Professional services		154,244			240,805
General and administrative		160,663			263,298
Loss on disposal of equipment		4,409			6,120
Total other operating expenses		696,264			852,576
Operating income		2,141,973			13,023

Other (income) expense:
Equity income on investment in Buckskin Gold and Silver, Inc		(1,867	)		(350	)
Timber revenue net of costs		(13,357	)		(20,724	)
(Gain) loss on investment in equity securities		453			(5	)
Interest income		(19,635	)		(18,932	)
Interest expense		20,565			8,848
Total other (income) expense		(13,841	)		(31,163	)

Net income		2,155,814			44,186
Net loss attributable to non-controlling interest		(15,295	)		(16,413	)
Net income attributable to Idaho Strategic Resources, Inc	$	2,171,109		$	60,599

Net income per common share-basic	$	0.17		$	0.01

Weighted average common share outstanding-basic		12,513,374			12,200,857

Net income per common share-diluted	$	0.17		$	0.01

Weighted average common shares outstanding-diluted		12,673,172			12,205,567

Idaho Strategic Resources, Inc. Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) For the Three and Nine-Month Periods Ended September 30, 2023 and 2022
	Common Stock Shares		Common Stock Amount		Accumulated Deficit Attributable to Idaho Strategic Resources, Inc			Non-Controlling Interest			Total Stockholders’ Equity

Balance January 1, 2022		10,940,969	$	26,004,756	$	(15,832,955	)	$	2,892,001		$	13,063,802
Contribution from non-controlling interest in New Jersey Mill Joint Venture		-		-		-			2,828			2,828
Issuance of common stock for cash, net of offering costs		360,134		2,701,000		-			-			2,701,000
Issuance of common stock for services		3,572		32,326		-			-			32,326
Issuance of common stock for warrants exercised		23,057		68,006		-			-			68,006
Issuance of common stock for cashless option exercise		28,981		-		-			-			-
Conversion of convertible debt to common stock		392,866		1,950,000		-			-			1,950,000
Net loss		-		-		(455,602	)		(17,467	)		(473,069	)
Balance March 31, 2022		11,749,579		30,756,088		(16,288,557	)		2,877,362			17,344,893

Contribution from non-controlling interest in New Jersey Mill Joint Venture		-		-		-			18,202			18,202
Issuance of common stock for cash, net of offering costs		138,665		980,107		-			-			980,107
Issuance of common stock for warrants exercised		70,919		397,147		-			-			397,147
Issuance of common stock for cashless option exercise		26,584		-		-			-			-
Net loss		-		-		(818,598	)		(33,651	)		(852,249	)
Balance June 30, 2022		11,985,747		32,133,342		(17,107,155	)		2,861,913			17,888,100

Contribution from non-controlling interest in New Jersey Mill Joint Venture		-		-		-			1,682			1,682
Issuance of common stock for warrants exercised		100,893		565,005		-			-			565,005
Options issued to management, directors, and employees		-		547,275		-			-			547,275
Issuance of common stock for cashless option exercise		11,430		-		-			-			-
Net loss		-		-		(1,894,419	)		(15,005	)		(1,909,424	)
Balance September 30, 2022		12,098,070	$	33,245,622	$	(19,001,574	)	$	2,848,590		$	17,092,638

Balance January 1, 2023		12,098,070	$	33,245,622	$	(18,368,384	)	$	2,835,832		$	17,713,070
Contribution from non-controlling interest in New Jersey Mill Joint Venture		-		-		-			1,601			1,601
Issuance of common stock for cash, net of offering costs		158,453		878,503		-			-			878,503
Net income (loss)		-		-		60,599			(16,413	)		44,186
Balance March 31, 2023		12,256,523		34,124,125		(18,307,785	)		2,821,020			18,637,360

Contribution from non-controlling interest in New Jersey Mill Joint Venture		-		-		-			16,409			16,409
Net income (loss)		-		-		327,793			(31,971	)		295,822
Balance June 30, 2023		12,256,523		34,124,125		(17,979,992	)		2,805,458			18,949,591

Contribution from non-controlling interest in New Jersey Mill Joint Venture		-		-		-			1,637			1,637
Net income (loss)		-		-		420,679			(16,696	)		403,983
Balance September 30, 2023		12,256,523	$	34,124,125	$	(17,559,313	)	$	2,790,399		$	19,355,211

	Common Stock Shares		Common Stock Amount		Accumulated Deficit Attributable to Idaho Strategic Resources, Inc			Non-Controlling Interest			Stockholders’ Equity

Balance January 1, 2023		12,098,070	$	33,245,622	$	(18,368,384	)	$	2,835,832		$	17,713,070
Contribution from non-controlling interest in New Jersey Mill Joint Venture		-		-		-			1,601			1,601
Issuance of common stock for cash, net of offering costs		158,453		878,503		-			-			878,503
Net income (loss)		-		-		60,599			(16,413	)		44,186
Balance March 31, 2023		12,256,523	$	34,124,125	$	(18,307,785	)	$	2,821,020		$	18,637,360

Balance January 1, 2024		12,397,615	$	34,963,739	$	(17,210,638	)	$	2,782,497		$	20,535,598
Contribution from non-controlling interest in New Jersey Mill Joint Venture		-		-		-			1,598			1,598
Issuance of common stock for cash, net of offering costs		127,152		847,492		-			-			847,492
Issuance of common stock for warrants exercised		147,026		823,346		-			-			823,346
Issuance of common stock for stock options exercise		5,357		29,999		-			-			29,999
Issuance of common stock for cashless stock options exercise		5,887		-		-			-			-
Net income (loss)		-		-		2,171,109			(15,295	)		2,155,814
Balance March 31, 2024		12,683,037	$	36,664,576	$	(15,039,529	)	$	2,768,800		$	24,393,847

Idaho Strategic Resources, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) For the Nine-Month Periods Ended September 30, 2023 and 2022
	September 30,
	2023			2022
Cash flows from operating activities:
Net income (loss)	$	743,991		$	(3,234,742	)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation and amortization		1,034,521			717,939
Loss (gain) on disposal of equipment		(224	)		68,641
Accretion of asset retirement obligation		11,874			11,342
Stock based compensation		-			547,275
Issuance of common stock for services		-			32,326
Gain on forgiveness of SBA loan		-			(10,000	)
Loss on investment in equity securities		4,423			-
Equity income on investment in Buckskin		(2,965	)		(1,213	)
Change in operating assets and liabilities:
Gold sales receivable		(217,607	)		(20,568	)
Inventories		(83,180	)		(394,200	)
Joint venture receivable		289			2,760
Other current assets		(141,434	)		78,568
Accounts payable and accrued expenses		(81,167	)		169,590
Accrued payroll and related payroll expenses		74,547			25,127
Net cash provided (used) by operating activities		1,343,068			(2,007,155	)

Cash flows from investing activities:
Purchases of property, plant, and equipment		(467,655	)		(1,145,186	)
Deposits on equipment		(25,000	)		(31,584	)
Proceeds from sale of equipment		8,500			-
Purchase of reclamation bonds		-			(222,800	)
Refund of reclamation bonds		75,710			-
Additions to mineral property		(645,962	)		(451,012	)
Purchase of equity securities		(11,100	)		-
Net cash used by investing activities		(1,065,507	)		(1,787,414	)

Cash flows from financing activities:
Proceeds from sale of common stock, net of issuance cost		878,503			3,681,107
Proceeds from exercise of common stock warrants		-			1,030,158
Principal payments on notes payable		(766,714	)		(629,322	)
Principal payments on notes payable, related parties		(75,183	)		(30,916	)
Contributions from non-controlling interest		19,647			22,712
Net cash provided by financing activities		56,253			4,073,739

Net change in cash and cash equivalents		333,814			279,170
Cash and cash equivalents, beginning of period		1,638,031			1,976,518
Cash and cash equivalents, end of period	$	1,971,845		$	2,255,688

Non-cash investing and financing activities:

Deposit on equipment applied to purchase	$	76,110		$	96,000
Notes payable for equipment and land purchase	$	1,110,737		$	1,189,056
Conversion of convertible debt to common stock	$	-		$	1,950,000

	September 30, 2023			December 31, 2022
Joint Venture	% Ownership	Significant Influence?	Accounting Method	% Ownership	Significant Influence?	Accounting Method
NJMJV	65%	Yes	Consolidated	65%	Yes	Consolidated
Butte Highlands Joint Venture (“BHJV”)	50%	No	Cost	50%	No	Cost
Buckskin Gold and Silver Inc.	37%	Yes	Equity	37%	Yes	Equity

	September 30, 2023		December 31, 2022
Concentrate inventory
In process	$	157,284	$	111,741
Finished goods		44,185		111,574
Total concentrate inventory		201,469		223,315

Supplies inventory
Mine parts and supplies		278,875		233,465
Mill parts and supplies		143,579		83,963
Core drilling supplies and materials		77,570		77,570
Total supplies inventory		500,024		394,998

Total	$	701,493	$	618,313

	·	Sold 127,152 shares of common stock at an average price of $6.67 per share for $847,492.
	·	Issued 147,026 shares of common stock in exchange for outstanding warrants for $823,346.
	·	Issued 5,357 shares of common stock in exchange for outstanding stock options for $29,999,
	·	Issued 5,887 shares of common stock for outstanding stock options via cashless exercise.

~~The activity in stock purchase warrants is as follows:~~	~~Number of~~ ~~Warrants~~			~~Exercise~~ ~~Prices~~
~~Balance December 31, 2021~~		~~669,467~~		~~$2.52-7.00~~
~~Expired~~		~~(185,304~~	)	~~$2.52-5.60~~
~~Exercised~~		~~(194,869~~	)	~~$2.52-5.60~~
~~Balance December 31, 2022 and September 30, 2023~~		~~289,294~~		~~$5.60-7.00~~

These warrants expire as follows:	Shares		Exercise Price		Expiration Date
		235,722	$	5.60	October 15, 2023
		53,572	$	7.00	November 12, 2023
		289,294

The activity in stock purchase warrants is as follows:	Number of Warrants			Exercise Prices
Balance December 31, 2022 and 2023		289,294		$	5.60-7.00
Exercised		(147,026	)	$	5.60
Balance March 31, 2024		142,268		$	5.60-7.00

These warrants expire as follows:	Shares		Exercise Price		Expiration Date
		88,696	$	5.60	October 15, 2024
		53,572	$	7.00	November 12, 2024
		142,268

·		Simultaneous with the work at Mineral Hill, during the third quarter IDR began the first trenching program at its expansive Lemhi Pass Project with the goal of better understanding its structural geology and undertaking the sampling of prospective and known areas of REE mineralization. The Lemhi Pass Project is made up of numerous prospects spread across 10 square miles and this season IDR commenced trenching on three of its many prospects within the Company’s greater Lemhi Pass landholdings: Sparky, In-Trust, and Independence. Assay results are still pending on various samples collected from vastly different geological settings and REE mineralization.
	Exploration
·	~~At Diamond Creek,~~Idaho Strategic’s CEO and President, John Swallow, was invited by members from the ~~Company advanced its USFS permit~~U.S. Department of Energy to speak at the Future Needs for ~~a core drilling program~~Responsible Mining of Critical Minerals workshop in ~~the Simer and Frank Burch prospects targeted for the summer of~~Denver, CO on January 25^th 2024. ~~Additional summer geological mapping and sampling for REE’s in these areas returned results of up to 5% TREE, which enhanced drilling targets and planning.~~

			Golden Chest/Operations
	·	~~During the third quarter, IDR geologists were excited to share highlights from the Company’s 2022 Diamond Creek drilling campaign with geologists of the Tobacco Root Geological Society at their 48~~^th Annual Field Conference hosted in Salmon, ID. Two areas of Idaho Strategic Resource’s projects, Diamond Creek and Mineral Hill, were given full day field trips and the ensuing discussions were productive and informational for both IDR and the attendees at the Tobacco Root Field Conference.

	·	At the Golden Chest, ore mined from underground stopes totaled approximately ~~9,500~~10,300 tonnes with ~~about 90%~~all of ~~that~~the tonnage coming from H-Vein stopes. The 778 H-Vein stope mined during the ~~H-Vein stopes and the remainder from~~quarter was a significant contributor to gold production as diluted vein samples taken during mining showed an ~~Idaho Vein stope.~~ average grade of 13.9 grams per tonne (gpt) gold for a total of 3,620 tonnes mined.
	·	A total of ~~1,170~~3,050 cubic meters of cemented rockfill ~~(CRF) and 1,420 cubic meters of uncemented rockfill (gob)~~(“CRF”) were placed during the ~~quarter.~~quarter which is a quarterly record. The Main Access Ramp (“MAR”) and associated drifts and raises were advanced by 73100 meters during the quarter.

	·	The Company completed exploration drifting on the Jumbo vein during the third quarter with a total of 89 meters. The Company suspended drifting on the Jumbo during the quarter to reallocate crews to H-vein development. No high-grade shoots were found by the drifting, but more drifting and longhole drilling is required to fully explore this area.

	·	For the quarter ended ~~September 30, 2023,~~March 31, 2024, a total of ~~10,430~~10,300 dry metric tonnes (“dmt”) were processed at the Company’s New Jersey mill with a flotation feed head grade of ~~6.41~~10.31 gpt gold and gold recovery of ~~92.1%~~93.0%.